KIT Digital Management Discusses Q2 2012 Results - Earnings Call Transcript
Now as reported in our 10-Q filing, this quarter illustrates the continuing transformation of our business and sharper focus on our core value proposition of delivering IP video software and services to leading broadband media companies around the world. Now by broadband media companies, we mean the world's leading telcos, network operators, broadcasters and key brands now leveraging IP video to increase their market presence. Our value proposition for that core customer base is grounded in a combination of software, which is our Cosmos video platform; and services, which is managed services, to operate deployed systems; and professional services to execute new deployments and ongoing project work.
Among the industry leaders that we serve today in this market are companies such as AT&T, Mediaset, BSkyB, Channel 4 and Sky Italia. Our unique combination of software and services is unmatched in the industry and will be the core of our future growth.
Now this quarter featured new business to customers in Turkey, Thailand, Australia, Mexico, the United States, Italy, the U.K. and the Middle East, just to highlight a few. In addition to new business, we accomplished much in these past few months. We completed the divestiture of our noncore Content Solutions business. We reduced low-margin hardware business in the broadcast space. We completed the acquisition of Hyro, providing essential strength to the AsiaPac team. We raised over $29 million in much needed capital. We moved the corporate headquarters to New York City. We hired a new CFO sitting by my side with strong turnaround and financial operating experience. We appointed a new CTO, Mark Christie, with strong platform and broadband media deployment expertise. We implemented a new system for cash management and budgeting and forecasting. We signed several major new clients around the world. And, we added 4 new board members, including a new nonexecutive chairman, a new Audit Committee chairman and representatives of 2 major shareholders.
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